If the program references that library, then although you could potentially get it to compile, it won't work because it will need SolidWorks installed and activated.
Your only hope is that the program does not need SolidWorks, in which case that type library is not needed and can be removed from the references. Not likely though IMO.
No worries, my customer has licenses galore . We over-runneth with mechanical engineers. I was just trying to get a basic understanding of who what and why. The people that use this program all have licenses, and the one guy that did/has done/will do development on this app will have a license as well.
Appreciate the immediate feedback.